Enough money to retire at 26?

meer53

berbastrike wrote: »

What kind of purpose is being stuck in the rat race working 9 to 5, 5 days a week, I find that a depressing life. Not having little money to buy flash cars, or holidays

I love my job, i love going to work, i love the people i work with. The salary is an added bonus. I don't work 9-5, 5 days a week but i do work full time. I'm a single parent with 2 children.

There is such a thing as a work/life balance.

If i had to stay at home i'd go round the bend very quickly. What kind of purpose is planning to stay at home for the best years of your life ?

My view is that you're too young to appreciate what your plan involves. It's unrealistic. Practically and financially.

peachyprice

Floss wrote: »

https://forums.moneysavingexpert.com/discussion/5023274


Haven't you got your life sorted out yet OP?

Ah, now we know why he has absolutely no clue about the cost of living, his parents are footing the bill for everything.

You don't have your own relative new build, decent quality home, it's your parents, and you're not mortgage-free either, because you've never owned a house. Or are you saying you found, bought, mortgaged and paid off a house in two months?:rotfl:

Nice try.

System

peachyprice wrote: »

Ah, now we know why he has absolutely no clue about the cost of living, his parents are footing the bill for everything.

You don't have your own relative new build, decent quality home, it's your parents, and you're not mortgage-free either, because you've never owned a house. Or are you saying you found, bought, mortgaged and paid off a house in two months?:rotfl:

Nice try.

I was able to buy the house in cash because I had over £400k saved, no help from parents although I do appreciate them letting me live there for a while

fuddle

berbastrike wrote: »

What kind of purpose is being stuck in the rat race working 9 to 5, 5 days a week, I find that a depressing life. Not having little money to buy flash cars, or holidays

You will fail then. You are severely underestimating the need to have a purpose. Believe it or not, and in my experience, it is better for mental well being, and therefore well being as a whole, to work in a job doing something that you don't like than to have no purpose.

I am not saying keep to the job in the rat race, I am saying find something to do that enables you to have a work/life balance. Work could be going down the self sufficiency route, could be volunteering, maybe re-educating, finding a hobby that you enjoy etc

Forgive me but you seem to come across as wanting a 'layabout' lifestyle.

All that is a moot though as the 'flash cars and holidays' comment suggests that you're not really reading our point of view let alone understand it.

PenguinOfDeath

It might be doable, as long as you can occupy yourself very easily for many years.

I wouldn't hold out much hope about getting a partner if you do, you don't sound like you have much ambition or life direction, not an attractive trait really.

aardvaak

berbastrike wrote: »

i'm self employed, I can retire at 26 but its debatable if its retirement or a non existence

Thank you for your reply, I hope you don't mind me aking - Doing what?

Bitsy_Beans

berbastrike wrote: »

I was able to buy the house in cash because I had over £400k saved, no help from parents although I do appreciate them letting me live there for a while

Only paying them £30 a month rent is a pretty hefty subsidisation so I would say they helped you enormously.

But I am labouring here under the misapprehension that you will actually get that idea.....you didn't seem to grasp that concept on your previous thread.

peachyprice

berbastrike wrote: »

I was able to buy the house in cash because I had over £400k saved, no help from parents although I do appreciate them letting me live there for a while

On 27th July 2014 you were complaining because you were still living at home and your parents wanted you to leave and you were 24.

You expect people believe that you've gone from living at home with no thoughts of leaving to having found a house, bought it, moved, paid off the mortgage (you said you had one on page one of this thread) and aged 2 years?


Which is it then?

berbastrike wrote: »

Mortgage paid off

berbastrike wrote: »

I was able to buy the house in cash

Please, stop !!!!!!!!ing.

GreyQueen

Floss wrote: »

https://forums.moneysavingexpert.com/discussion/5023274


Haven't you got your life sorted out yet OP?

Lol, so the OP has never actually run their own household, which explains a certain unworldliness in terms of what things actually cost and what can go wrong.

Oh, and are is no voluntary NI tariff at £2.50 per week, there are Class 2 contributions at £2.75 if you are self-employed, though. Are you self-employed or are you planning to live off your capital? HMRC will want to establish which before allowing you to pay voluntary NICs.

If you have a newish house you won't have proper floorboards, you will have composite boards. If you want to know what will happen to them when a leak happens on your internal plumbing (and you will have two plumbing systems, the regular and the CH one) put a weetabix in water, because that is what you'll be getting. It isn't a case of living with a floor like that until you can afford a new carpet, it's a case of dealing with it now. And as bathrooms tend to be situated above kitchens, a leak from one can ruin the room below.

I don't know if any of your young friends have ever seen a ceiling come down but it's a helluva mess.

And when you have water into your house's electrics, you will need two electricians, the emergency call-out to isolate the affected wiring from the main so you don't electrocute yourself or have the house catch fire, plus the booked electrician to re-instate the electrics after they have dried out. And don't forget the plumber, of course. And the plasterer, and the flooring guy. And that's just one little leak.......

Your £300,000 at 1.85% is gross interest of £5, 550 not £7,500 btw. And that £5,550 is subject to tax at 20% which will reduce it to £4,440. Which is why people use ISAs and other wheezes to keep some of their capital untaxed.

Oh, and the official inflation figures? About as real as unicorns and pixies, frankly. This month I am 'enjoying' a 20% increase in a service charge and am buying the same groceries anything from 40-74% more than a year ago. However you chop that, it ain't coming out anything like 'official inflation figures'.

I'm 50 this month, and have been living away from my parents since 16 so probably know a bit more than you do about the real cost of living. And there are plenty of peeps on this site who know a lot more than I do, and that's one of the reasons I hang out here.

But if a twenty-something homeboy can run a house and a car on under £5k a year you need to start a blog immediately so we can all follow it and hone our skills.

flossyann

Hi there,

as much as this thread is making really interesting reading I would suggest you guys take a peek at a few of the OP's previous threads and questions he has posted previously, now there is some really interesting reading...